Jowell Global Ltd. Announces First Half 2024 Unaudited Financial Results

Rhea-AI Summary

Jowell Global (NASDAQ: JWEL) reported mixed financial results for H1 2024. Revenue increased 1.5% to $85.7 million, while GMV decreased 7.0% to $107.3 million. The company reduced its net loss by 47.1% to $3.8 million compared to $7.1 million in H1 2023.

Health and nutritional supplements revenue saw significant growth of 182.1%, while cosmetic products revenue declined 33%. VIP membership grew 8.5% to 2.7 million, and LHH stores increased 1.0% to 26,795. The company achieved notable cost reductions in fulfillment (56.8%), marketing (15.8%), and general administrative expenses (40.1%).

Cash position stands at $0.8 million with working capital of $13.4 million as of June 30, 2024. Management has implemented cost reduction measures and improved receivables collection to enhance liquidity.

Positive

• Revenue increased 1.5% YoY to $85.7 million
• Net loss reduced by 47.1% to $3.8 million
• Health and nutritional supplements revenue grew 182.1%
• VIP membership increased 8.5% to 2.7 million
• Significant cost reductions across operations
• 62% of accounts receivable collected by October 2024
• 93% of supplier advances utilized by October 2024

Negative

• GMV decreased 7.0% YoY to $107.3 million
• Cosmetic products revenue declined 33%
• Negative operating cash flow of $41,012
• Accumulated deficit of $29.8 million
• Low cash position of $0.8 million
• Reduced customer discretionary spending on premium brands

Insights

Financial Analyst

The financial results reveal concerning trends despite some cost optimization efforts.

Revenue growth of 1.5% to $85.7M is minimal and concerning given the 7% GMV decline to $107.3M. While the net loss improved by 47.1% to $3.8M, this was achieved mainly through aggressive cost-cutting rather than business growth.

The shift in product mix is notable - health supplements revenue surged 182.1% while cosmetics declined 33%. However, with only $0.8M in cash and negative operating cash flow, liquidity is extremely tight. The $13.4M working capital provides some buffer, but collection of receivables and supplier advances is important for near-term operations.

The company's cost reduction initiatives in logistics and marketing helped reduce operating expenses, but the fundamental challenge remains weak top-line growth in a competitive market. The reliance on discounting to drive sales of premium products signals pricing pressure.

Market Research Analyst

The Chinese e-commerce landscape shows signs of stress in this report. The 13.5% decline in cosmetics sales volume and customers' shift toward lower-priced necessities indicates weakening consumer discretionary spending. This aligns with broader Chinese economic challenges.

While the VIP member base grew 8.5% to 2.7M and LHH stores increased marginally to 26,795 locations, the declining GMV suggests lower per-customer spending. The company's pivot to health supplements helped offset weakness in other categories but required heavy promotional activity to drive sales.

The increase in weighted average unit price to $5.16 masks underlying pricing pressures, as the mix shift toward premium health products artificially inflates this metric while core categories see price deterioration. The business model appears increasingly vulnerable to market downturns and changing consumer behavior.

-- First Half Revenue of $85.7 million, increase 1.5% year-over-year --

-- First Half GMV of $107.3 million, down 7.0% year-over-year --

SHANGHAI, Dec. 19, 2024 /PRNewswire/ -- Jowell Global Ltd. ("Jowell" or the "Company") (NASDAQ: JWEL), one of the leading cosmetics, health and nutritional supplements, and household products e-commerce platforms in China, today announced its unaudited financial results for the six months ended June 30, 2024.

First Half 2024 Financial and Operational Highlights

• Total revenues were $85.7 million, an increase of 1.5% from $84.4 million in the same period of 2023.
• Net loss was $3.8 million, a decrease of 47.1%, as compared to the net loss of $7.1 million in the same period of 2023.
• Total GMV (Gross Merchandise Value) transacted in our online shopping mall was $107.3 million, a decrease of 7.0% from $115.5 million in the same period of 2023.
• Total VIP members^[1] as of June 30, 2024 were approximately 2.7 million, an increase of 8.5% compared to approximately 2.5 million as of June 30, 2023.
• Total LHH stores^[2] as of June 30, 2024 were 26,795, an increase of 1.0% compared to 26,528 as of June 30, 2023.

[1] "Total VIP members" refers to the total number of members registered on Jowell's platform as of June 30, 2024 and June 30, 2023.

[2] "LHH stores" refers to the brand name of "Love Home Store". Authorized retailers may operate as independent stores or store-in-shop (an integrated store), selling products they purchased through Jowell's online platform LHH Mall under their retailer accounts, which provides them with major discounts.

First Half 2024 Financial Results

Total Revenues

Total revenues for the first half 2024 were $85.7 million, representing an increase of 1.5% from $84.4 million in the same period of 2023. Our weighted average unit price was $5.16 per unit for the first half of 2024, which represented an increase of 4.2% as compared to $4.95 per unit for the same period of 2023.

Our health and nutritional supplements revenue for the first half of 2024 increased by about $11.1 million, or 182.1%, as compared to the same period of 2023. The increase in health and nutritional supplements revenue was mainly due to the increase in sales of premium brand health and nutritional supplements. We have stepped up our promotions on these items during the Chinese New Year holidays in the first half of 2024 in an attempt to offer more promotional discounts in response to the overall market downturn.

		First Half Ended June 30								%
		2024				2023				change
Revenues (in thousands, except for percentages)		US$				US$				YoY*
Product sales
•    Cosmetic products			19,768.5				29,495.5				(33.0 %)
•    Health and nutritional supplements			17,190.7				6,094.2				182.1 %
•    Household products			48,438.7				48,473.1				(0.1 %)
•    Others			286.4				343.4				(16.6 %)
Total			85,684.3				84,406.2				1.5 %
* YOY—year over year

Total cost and operating expenses were $89.6 million in the first half of 2024, a decrease of 1.5% from $91.0 million in the same period of 2023.

• Costs of revenues were $84.8 million in the first half of 2024, an increase of 1.3% from $83.8 million in the same period of 2023, which including an increase of $11.1 million in health and nutritional supplements and partially offset by a decrease of $7.9 million in cosmetic products and $1.4 million in household products.
• Cost of revenues of health and nutritional supplements for the first half 2024 increased about 189.9% as compared to the same period of 2023. The increase was primarily due to a 65.7% increase in weighted average unit cost. The increase in weighted average unit costs for our health and nutritional supplements is mainly because we offered and sold more higher unit price products in the first half 2024 than the same period of 2023.
• The decrease in the cost of cosmetic products and household products was attributable to a decrease in the weighted average unit cost and a decrease in sales volume. The weighted average unit cost of cosmetic products decreased from $2.94 in the first half of 2023 to $2.47 in the first half of 2024, and weighted average unit cost of household products decreased from $8.18 in the first half of 2023 to $8.11 in the first half of 2024, both decreases mainly due to reduced customers discretionary spendings on premium brands and their preference to low cost, low price and necessity household products during the first half of 2024, as compared to the same period of 2023. The cosmetic products sales volume declined the most, with a decrease of 13.5% during the first half of 2024 comparing to the same period of 2023.
• Fulfillment expenses primarily consist of costs related to expenses paid for order preparing, packaging, outbound freight, and physical storage. Fulfillment expenses were $0.8 million in the first half of 2024, a decrease of 56.8% from the $1.9 million in the same period of 2023. Fulfillment expenses as a percentage of total revenues were 1% in the first half of 2024, down from 2.3% in the first half of 2023. The significant reduction in fulfillment costs are attributed to our cost reduction measures in logistics. Firstly, we reduced the rental area of warehouses and labor costs in the logistics process; Secondly, we switched to logistics service providers with lower cost to replace the original ones, significantly reducing express logistics costs.
• Marketing expenses primarily consist of targeted online advertising, and payroll and related expenses for personnel engaged in marketing and selling activities. Marketing expenses were $2.8 million in the first half of 2024, a decrease of 15.8% from the $3.3 million in the same period of 2023. The decrease was primarily due to a decrease in our marketing and promotion activities. Marketing expense as percentage of total revenues was 3.2% in the first half of 2024, down from 3.9% in the same period of 2023.
• General and administrative expenses mainly consist of payroll, depreciation, office supplies and upkeep. General and administration expenses were $1.2 million in the first half of 2024, a decrease of 40.1% from $2.0 million in the same period of 2023. General and administration expenses as percentage of total revenues was 1.4% in the first half of 2024, down from 2.3% in the same period of 2023.

Operating Loss

Operating loss was $4.0 million for the first half of 2024, compared with the operating loss of $6.6 million in the same period of 2023. The decrease in operating loss for the first half of 2024 was mainly due the decrease of marketing expenses, as well as reduction of operating expenses as discussed above.

Net Loss 

Net loss was $3.8 million, a decrease of 47.1% compared with net loss of $7.1 million in the same period of 2023, which was mainly due the factors mentioned above.

Loss per Share 

The Company computes earnings (loss) per share ("EPS") in accordance with ASC 260, "Earnings per Share" ("ASC 260"). Each of the Company's Preferred Share has voting rights equal to two Ordinary Shares of the Company and each Preferred Share is convertible into one Ordinary Share at any time. Except for voting rights and conversion rights, the Ordinary Shares and the Preferred Shares rank pari passu with one another and have the same rights, preferences, privileges and restrictions. For the first half ended June 30, 2024 and 2023, respectively, the Company had no potential ordinary shares outstanding that could potentially dilute EPS in the future.

Cash and Cash Equivalents

For the first half of 2024, the Company reported a net loss of $3.8 million, a negative operating cash flow of $41,012 and an accumulated deficit of approximately $29.8 million. The Company's principal sources of liquidity are sales revenues, proceeds from a private placement and a registered direct offering. As of June 30, 2024, the Company had cash and restricted cash of approximately $0.8 million, held by the variable interest entity (VIE) Shanghai Juhao Information Technology Co., Ltd. ("Shanghai Juhao") with banks and financial institutions inside China as the Company conducts its operations primarily through the consolidated VIE in China; the Company's working capital as of June 30, 2024 was $13.4 million. Due to the uncertainty of the current market environment, management believes it is necessary to enhance the collection of its outstanding accounts receivable and other receivables, and to be cautious in terms of its operational decisions and project selections. As of October 31, 2024, approximately $1.8 million, or 62%, of its accounts receivable balance as of June 30, 2024 were collected, and approximately $9.9 million, or 93%, of its advances to supplier balance as of June 30, 2024 were utilized. In addition, the Company's Form F-3 registration was declared effective on August 31, 2022, and the Company may also seek equity financing from outside investors if necessary.

Based on the latest business plan of the Company, Shanghai Juhao has reduced its promotion efforts and marketing expenditures since the second half of 2023, which reduced the cash used in operating activities. Management believes that the above-mentioned factors, including cash on hand of approximately $0.8 million, will provide sufficient liquidity for the Company to meet its future liquidity and capital requirements for at least the next twelve months.

About Jowell Global Ltd.

Jowell Global Ltd. (the "Company") is one of the leading cosmetics, health and nutritional supplements and household products e-commerce platforms in China. We offer our own brand products to customers and also sell and distribute health and nutritional supplements, cosmetic products and certain household products from other companies on our platform. In addition, we allow third parties to open their own stores on our platform for a service fee based upon sale revenues generated from their online stores and we provide them with our unique and valuable information about market needs, enabling them to better manage their sales effort, as well as an effective platform to promote their brands. The Company also sells its products through authorized retail stores all across China, which operate under the brand names of "Love Home Store" or "LHH Store" and "Best Choice Store". For more information, please visit http://ir.1juhao.com/.

Exchange Rate

The Company's financial information is presented in U.S. dollars ("USD"). The functional currency of the Company is the Chinese Yuan, Renminbi ("RMB"), the currency of the PRC. Any transactions which are denominated in currencies other than RMB are translated into RMB at the exchange rate quoted by the People's Bank of China prevailing at the dates of the transactions, and exchange gains and losses are included in the statements of operations as foreign currency transaction gain or loss. The consolidated financial statements of the Company have been translated into U.S. dollars in accordance with ASC 830, "Foreign Currency Matters".

This press release contains translations of certain RMB amounts into U.S. dollars ("USD" or "$") at specified rates solely for the convenience of the reader. The exchange rates in effect as of June 30, 2024 and December 31, 2023 were RMB1 for $0.1403 and $0.1412, respectively. The average exchange rates for the six months ended June 30, 2024 and 2023 were RMB1 for $0.1407 and $0.1444, respectively.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; financial condition and results of operations; product and service demand and acceptance; reputation and brand; the impact of competition and pricing; changes in technology; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For investor and media inquiries, please contact:

Jowell Global Ltd.
Ms. Jessie Zhao
Email: IR@1juhao.com 

Jowell Global Ltd.
CONDENSED CONSOLIDATED BALANCE SHEETS
		June 30,				December 31,
		2024				2023
		(Unaudited)
ASSETS
Current Assets:
Cash		$	805,344			$	1,250,281
Accounts receivable, net			2,344,481				2,401,056
Accounts receivable - related parties			-				47,040
Advance to suppliers			10,050,688				3,506,432
Advance to suppliers - related parties			12,493,792				9,874,545
Inventories			4,508,515				8,198,402
Prepaid expenses and other current assets			1,075,591				1,384,758
Total current assets			31,278,411				26,662,514
Long-term investment			3,709,340				3,888,377
Property and equipment, net			845,579				681,942
Intangible assets, net			532,810				634,655
Right of use lease assets, net			1,506,729				2,019,300
Other non-current asset			638,723				895,775
Deferred tax assets			512,175				515,364
Total Assets		$	39,023,767			$	35,297,927
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Short-term loan		$	210,473			$	423,567
Accounts payable			2,791,515				3,765,230
Accounts payable - related parties			280,530				194,818
Deferred revenue			11,691,812				2,309,957
Deferred revenue - related parties			40,000				47,059
Current portion of operating lease liabilities			1,475,947				942,989
Accrued expenses and other liabilities			975,072				782,048
Due to related parties			414,585				528,472
Taxes payable			1,487				58,233
Total current liabilities			17,881,421				9,052,373
Non-current portion of operating lease liabilities			-				1,032,235
Total liabilities			17,881,421				10,084,608
Commitments and contingencies
Equity
Common stock, $0.0016 par value, 450,000,000 shares authorized, 2,170,475 issued      and outstanding at June 30, 2024 and December 31, 2023, respectively *			3,473				3,473
Preferred stock, $0.0016 par value, 50,000,000 shares authorized, 46,875 issued and      outstanding at June 30, 2024 and December 31, 2023, respectively *			75				75
Additional paid-in capital			52,687,182				52,687,182
Statutory reserves			394,541				394,541
Accumulated deficit			(29,768,863)				(26,039,567)
Accumulated other comprehensive loss			(2,153,720)				(1,843,970)
Total Jowell Global Ltd. Stockholders' Equity			21,162,688				25,201,734
Noncontrolling interest			(20,342)				11,585
Total Equity			21,142,346				25,213,319
Total Liabilities and Equity		$	39,023,767			$	35,297,927
* On October 25, 2023, the Company consolidated its ordinary shares at the ratio of one-for-sixteen ("Share Consolidation"). Immediately following the Share Consolidation, the Company increased the authorized share capital to $80,000 divided into shares of which (i) 450,000,000 shares are designated as ordinary shares with a nominal or par value of $0.0016 per share, and (ii) 50,000,000 shares are designated as preferred shares with a nominal or par value of $0.0016 per share. All shares and per share data for all the periods presented have been retroactively restated.

 

 

Jowell Global Ltd.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
		For the Six Months Ended June 30,
		2024				2023
Net Revenues		$	85,684,310			$	84,406,244
Cost and Operating Expenses:
Cost of revenues			(84,831,857)				(83,763,353)
Fulfillment expenses			(838,764)				(1,942,595)
Marketing expenses			(2,784,515)				(3,306,812)
General and administrative expenses			(1,186,747)				(1,981,967)
Total cost and operating expenses			(89,641,883)				(90,994,727)
Loss From Operations			(3,957,573)				(6,588,483)
Other Income (Expenses), net
Interest expense			(23,997)				(39,388)
Investment loss			(170,352)				(483,214)
Other income (expense), net			385,341				(2,118)
Other Income (expenses), net			190,992				(524,720)
Loss Before Income Taxes			(3,766,581)				(7,113,203)
Income Taxes Expense			51				2,761
Net Loss			(3,766,632)				(7,115,964)
Less: net loss attributable to noncontrolling interest			(37,336)				(26,083)
Net Loss Attributable to Ordinary Shareholders of Jowell Global Ltd.		$	(3,729,296)			$	(7,089,881)
Loss Per share – Basic and Diluted		$	(1.74)			$	(3.33)
Weighted Average Shares Outstanding – Basic and diluted*			2,170,260				2,135,574
Net Loss		$	(3,766,632)			$	(7,115,964)
Other Comprehensive Loss, net of tax
Foreign currency translation loss			(304,341)				(1,534,036)
Total Comprehensive Loss			(4,070,973)				(8,650,000)
Less: comprehensive income attributable to non-controlling interest			(31,927)				(25,637)
Comprehensive Loss Attributable to Ordinary Shareholders of Jowell Global Ltd.		$	(4,039,046)			$	(8,624,363)
* On October 25, 2023, the Company consolidated its ordinary shares at the ratio of one-for-sixteen ("Share Consolidation"). Immediately following the Share Consolidation, the Company increased the authorized share capital to $80,000 divided into shares of which (i) 450,000,000 shares are designated as ordinary shares with a nominal or par value of $0.0016 per share, and (ii) 50,000,000 shares are designated as preferred shares with a nominal or par value of $0.0016 per share. All shares and per share data for all the periods presented have been retroactively restated.

 

 

Jowell Global Ltd.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023
(Unaudited)
		Common Stock*								Preferred Stock*								Additional Paid-in				Statutory				Retained Earnings (Accumulated				Accumulated Other Comprehensive				Total Jowell Global Ltd. Stockholders'				Noncontrolling				Total
		Shares				Amount				Shares				Amount				Capital				Reserves				deficit)				Income (loss)				Equity				interest				Equity
Balance as of     January 1,     2023			2,132,788			$	3,413				46,875			$	75			$	52,557,552			$	394,541			$	(14,572,425)			$	(950,720)			$	37,432,436			$	33,471			$	37,465,907
Share-based     compensation			3,093			$	5				-				-				129,685				-				-				-				129,690				-				129,690
Capital     contributed     by minority     shareholder			-				-				-				-				-				-				-				-				-				36,105				36,105
Net loss for     the period			-				-				-				-				-				-				(7,089,881)				-				(7,089, 881)				(26,083)				(7,115,964)
Foreign     currency     translation     loss			-				-				-				-				-				-				-				(1,534,482)				(1,534,482)				446				(1,534,036)
Balance as of     June 30,     2023			2,135,881			$	3,418				46,875			$	75				52,687,237			$	394,541			$	(21,662,306)			$	(2,485,202)			$	28,937,763			$	43,939			$	28,981,702
Balance as of     January 1,     2024			2,170,475			$	3,473				46,875			$	75			$	52,687,182			$	394,541			$	(26,039,567)			$	(1,843,970)			$	25,201,734			$	11,585			$	25,213,319
Net loss for     the period			-				-				-				-				-				-				(3,729,296)				-				(3,729,296)				(37,336)				(3,766,632)
Foreign     currency     translation     loss			-				-				-				-				-				-				-				(309,750)				(309,750)				5,409				(304,341)
Balance as of June 30, 2024			2,170,475			$	3,473				46,875			$	75			$	52,687,182			$	394,541			$	(29,768,863)			$	(2,153,720)			$	21,162,688			$	(20,342)			$	21,142,346
* On October 25, 2023, the Company consolidated its ordinary shares at the ratio of one-for-sixteen ("Share Consolidation"). Immediately following the Share Consolidation, the Company increased the authorized share capital to $80,000 divided into shares of which (i) 450,000,000 shares are designated as ordinary shares with a nominal or par value of $0.0016 per share, and (ii) 50,000,000 shares are designated as preferred shares with a nominal or par value of $0.0016 per share. All shares and per share data for all the periods presented have been retroactively restated.

 

 

Jowell Global Ltd.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
		For the Six Months Ended June 30,
		2024				2023
Cash flows from operating activities:
Net loss		$	(3,766,632)			$	(7,115,964)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization			160,682				202,822
Impairment loss from long-term investment			155,449				483,214
Amortization of operating lease right-of-use assets			501,604				552,702
Share-based compensation			-				129,690
Property and equipment written off			32,910				-
Changes in operating assets and liabilities:
Accounts receivables			41,845				1,670,275
Accounts receivable - related Parties			46,892				251,882
Inventories			3,650,270				(4,785,784)
Advance to suppliers			(6,586,006)				17,698,012
Advance to suppliers - related parties			(2,688,537)				(180,791)
Prepaid expenses and other current assets			301,516				(280,888)
Accounts payables			(953,319)				(236,633)
Accounts payables - related parties			87,183				(1,508,872)
Deferred revenue			9,418,057				(15,828,565)
Operating lease liabilities			(488,542)				(552,367)
Taxes payable			(56,558)				13,098
Accrued expenses and other liabilities			102,174				(429,988)
Net cash used in operating activities			(41,012)				(9,918,157)
Cash flows from investing activities:
Due from affiliate			-				(3,177,354)
Purchase of intangible assets			(2,276)				(4,950)
Disposal of equipment			-				81,469
Purchase of equipment			(9,190)				(12,260)
Net cash provided by (used in) investing activities			(11,466)				(3,113,095)
Cash flows from financing activities:
Proceeds from short-term loans			-				649,913
Repayment of short-term loans			(211,116)				(2,455,228)
Proceeds from related party loans			(113,020)				205,846
Net cash used in financing activities			(324,136)				(1,599,469)
Effect of exchange rate changes on cash			(68,323)				(103,551)
Net decrease in cash			(444,937)				(14,734,272)
Cash, beginning of period			1,250,281				16,718,102
Cash, end of period		$	805,344			$	1,983,830
Supplemental disclosure information:
Cash paid for income tax		$	51			$	2,761
Cash paid for interest		$	23,997			$	39,388
Supplemental non-cash activities:
Cash paid in prior year for purchase of intangible assets		$	(640,674)			$	-
Right of use assets obtained in exchange for operating lease obligations		$	-			$	(98,320)

 

 

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SOURCE Jowell Global Ltd.

FAQ

What was JWEL's revenue growth in H1 2024?

JWEL reported revenue of $85.7 million in H1 2024, representing a 1.5% increase from $84.4 million in H1 2023.

How much did JWEL reduce its net loss in H1 2024?

JWEL reduced its net loss by 47.1%, from $7.1 million in H1 2023 to $3.8 million in H1 2024.

What was JWEL's GMV performance in H1 2024?

JWEL's GMV decreased by 7.0% to $107.3 million in H1 2024, compared to $115.5 million in H1 2023.

How much did JWEL's health and nutritional supplements revenue grow in H1 2024?

JWEL's health and nutritional supplements revenue increased by 182.1% in H1 2024 compared to H1 2023.

What is JWEL's current cash position as of June 30, 2024?

JWEL reported cash and restricted cash of approximately $0.8 million as of June 30, 2024.

How many VIP members does JWEL have as of June 30, 2024?

JWEL had approximately 2.7 million VIP members as of June 30, 2024, an 8.5% increase from June 30, 2023.